Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-09-04
TIE B. AND O. DEAL.
THE PRELIMINARY CONTRACT DIS
cUssgD ON CHANGE.
Talk Of Wall Street Favorable Inpres-
sion in London Good Effect On
American Trunk Lines"
NAV ialnrrnnh 70 ihn pIanatch.l


NEw YORK, September 3.-Toward
the end OF business the excitement OF
the stock market subsidized, and an im-
preston began to grow that the benefit
TO accrue from the contract was over
estimated. One Of the heaviest opera
tors on the street said after the close
that there was no benefit 10 be gained
from q settlement except that which
might accrue to the creditors OF the
Baltimore and Ohio road. They are
essentially the same parties who have
taken the preferred stock and bonds,
and it is simply matter of bonding
the floating debt. This may have saved.
the Baltimore and Ohio from going
into receivers hands on account OF
the floating debt, but that is all that
has been done. As far as the telegraph
settlement is concerned, that is further
away than ever. The Baltimore and
Ohio Is now in strong hands, and will
be run in conjunction with the Penn
sylvania and Reading for the benefit OF
the latter, and if Mir. Gould buys the
telegraph system it will be on the syn
dicate's terms, and there may be fight
of years before consolidation is made.
j. Pierrepont Morgan SAID to-day that
the preliminary contract signed yester-
day was the only one necessary, and
that no other would be drawn up. He
refused to answer any questions re-
garding the stories that Mr. Gould had
already arranged for the time and the
sale of the Baltimore and Ohio system,
but said that it was the intention to sell
both the telegraph and sleeping-car
plants and franchises as soon as 1t could
be favorably accomplished.
TUE TALK OF WALL STREET.
New YORK, September 3.-BaltimOre
and Ohio affairs are the talk Of Wall
street to-day. The financial world IS
deeply interested in the telegraph plant,
now that the road has gone into the
hands of n syndicate. At the Office OF
the president Of the New Jersey Cen
trail railroad it was thought that the
Western Union would get possession of
the Baltimore and Ohio Telegraph
Company. The same belief was ex-
pressed at the Offices of the Postal Tele-
graph Company.
TIE EFFECT IN LONDON.
LoYDoN, September 3.-The news of
the settlement in the case of the Balti
more and Ohio railroad has created the
most favorable impression on Change,
and there was a buOyant feeling in the
American department to-day. Full de-
tails of the plan Of settlement have not
yet been received, and are awaited
eagerly. Al American stocks advanced
} to II per cent. on the strength OF the
Baltimore and Ohio arrangement, and
a slightly further improvement was re-
corded at 30 z. NJ, when it became
known that 81 600, coo had bsen taken
for shipment to New York. Investors
are grateful to J. $. Morgan 4 Co., OF
London, for their part in bringing the
negotiations with Mr.. Garrett to salts
factory conclusion.
Among American bankers here it is
the general opinion that the Baltimore
and Ohio settlement will have a good
effect on all American trunk lines,
especially those working East and West.
There is some doubt whether the opera
ton will have any effect on the stock
market, and in certain quarters ease
from existing pressure is not expected
until the grain and cotton season is well
over or until Congress devises means to
prevent increasing the Treasury sur
plus.